Post Pandemic, Buyers Will Still Demand Move-in Ready Properties
Today’s buyers overwhelmingly prefer move-in ready properties, especially millennials, who make up the majority of potential buyers. Millennials are more likely to have a family with two working parents, have longer commutes, working hours, and expect to stay in homes for shorter periods of times. As a result, they are turned off by homes in need of even minor repairs.
And you can bet that after being quarantined and up-close and personal with their homes’ flaws, (whether they currently rent or own) buyers will have even less tolerance for homes in need of care.
No matter the market, outdated properties spend more days on market and fetch lower sales prices—and this won’t change in a post-pandemic world. Sellers should take advantage of the temporary slow down to make improvements now and attract buyers who have been eagerly waiting on the sidelines during the pandemic.
Instagram-Worthy Listings are a Must
According to NAR’s Home Buyer and Seller Generational Trends Report, the majority of buyers begin the home search process by looking at properties online, and that means that every property needs to be Instagram-worthy in order to attract the broadest possible audience. This was true before COVID-19, but now buyers are using online property searches to not only peruse homes, but to vet them and make a short list of properties worth leaving home for. And, again, millennials are more than comfortable making important life choices digitally.